Vehicles consuming less fuel selling well in Yangon automobile market

With the prices of fuel oil skyrocketing, the most fuel-efficient gas-only cars (660 CC and 1000 CC) that consume less fuel are selling well in the Yangon automobile market.
The most fuel-efficient 660 CC cars (Suzuki Alto, Daihatsu Mira, Pino) and the 1000 CC cars (Toyota Passo/Boom, Belta) valued at below K10 million and over K11 million are in strong demand. Those bi-fuel cars (Toyota Corolla and Toyota Caldina) are worth approximately K15 million, according to the Yangon taxi dealers’ market.
“The fuel oil prices are bullish for now. Only the most fuel-efficient cars are demanded. The market of cars above 1500 CC, 1800 CC are quite sluggish. However, the market of CNG cars is raising its head again in recent days. The market of those brand-new cars at showrooms is inactive. Only the second-hand automobile market sees strong demand for the most fuel-efficient cars,” said a dealer.
The fuel oil price hit a record high of above K2,000 per litre. The oil prices per litre stood at K2,015 for 92 Octane, 2,155 for 95 Octane, K2,020 for diesel and K2,045 for premium diesel on 3 March 2022. The prevailing prices are about two times the previous rates recorded in the same corresponding period last year.
“In 2020 and 2021, the oil price was less than K100,000 per barrel. Now, it tremendously soared to over K300,000 per barrel. The prices jumped to an all-time high,” an oil distributor was quoted as saying. — Pwint Thitsar/GNLM